SEOUL, Oct. 27 (Korea Bizwire) – The Ministry of Oceans and Fisheries said Friday the dredging work for Busan Newport on the country’s southeastern tip will be completed next week to accommodate mega container ships. The construction work began in December 2014 with a budget of 60 billion won (US$53 million) to secure 17 meters [...]
SEOUL, Oct. 27 (Korea Bizwire) – The number of users for Kakao’s simple payment service Kakaopay has reached 20 million, a first for the South Korean fintech industry, according to the company. Kakao Pay said its user base reached 20 million on Thursday, and explained that despite Naver Pay boasting a larger user base, its [...]
SEJONG, Oct. 27 (Korea Bizwire) — South Korea will create an 85 billion-won (US$75.2 million) global infrastructure development fund to address the key constraints of private investment in overseas projects, the land ministry said Friday. The Ministry of Land, Infrastructure and Transportation signed an agreement with the Korea Development Bank and the Export-Import Bank of [...]
DAEJEON, Oct. 25 (Korea Bizwire) – Barriers originally designed to block traffic noise are being revamped with multiple new functions, including anti-fine dust particle and solar energy production features, according to government data. According to statistics provided by the Korean Intellectual Property Office (KIPO), 29 percent of the patent applications for noise barriers filed between 2012 [...]
SEOUL, Oct. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea fell in September from a month earlier as exporters decreased their deposits in U.S. dollars, central bank data showed Wednesday. Outstanding foreign currency deposits held by banks here reached US$63.66 billion at the end of September, down $3.48 billion from a [...]
SEOUL, Oct. 24 (Korea Bizwire) – South Korea’s credit default swap has risen by over 25 basis points since the beginning of this year, reaching nearly 70 bps, amid growing political tensions surrounding North Korea and the U.S.’s hardline stance. According to data by financial information firm Markit and Yonhap Infomax, the five-year credit default [...]
SEOUL, Oct. 24 (Korea Bizwire) – Japanese pension fund executive Hiromichi Mizuno has said investment directed by environmental, social and governance issues is necessary to encourage women to participate in the labor force and build a sustainable society. Mizuno, who is the chief investment officer of Japan’s Government Pension Investment Fund (GPIF), among the world’s biggest pension [...]
Washington, D.C., Oct. 24 (Korea Bizwire) – The director of the IMF’s Asia and Pacific Department, Rhee Chang-yong, has said though South Korea faces high household debt levels compared to other OECD member states, the level of indebtedness does not pose an imminent threat. Speaking to the press on Monday at the Korean Cultural Center in Washington [...]
SEOUL, Oct. 24 (Korea Bizwire) — The U.S. dollar-Korean won exchange rates were the least volatile in three years during the third-quarter of this year, despite rising tension surrounding North Korea, the central bank said Tuesday. The average gap between the daily high and low of the dollar-won exchange rates came to 4.8 won in [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korean construction equipment makers, led by Doosan Infracore Co., are witnessing a surge in sales of excavators in India and other emerging countries in addition to their stellar performance in China, industry sources said Tuesday. In the first half of the year, Doosan Infracore saw its sales in [...]